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INTRODUCED
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HOUSE COMMITTEE
SUBSTITUTE
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SECTION 1. The following
laws are repealed:
(1) Subchapter N, Chapter
481, Government Code;
(2)
Subchapter BB, Chapter 481, Government Code;
(3)
Subchapter D, Chapter 489, Government Code; and
(4) Chapter 503, Local
Government Code.
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SECTION 1. The following
laws are repealed:
(1) Subchapter N, Chapter
481, Government Code; and
(2) Chapter 503, Local
Government Code.
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SECTION 2. Section 447.013,
Government Code, is amended by amending Subsection (i) and adding
Subsection (j) to read as follows:
(i) A recipient of a grant
or loan under this section is encouraged to purchase goods and services
from small businesses and historically underutilized businesses[, as
those terms are defined by Section 481.191, Government Code].
(j) For the purposes of
Subsection (i):
(1) "Historically
underutilized business" means:
(A) a corporation formed
for the purpose of making a profit in which at least 51 percent of all
classes of the shares of stock or other equitable securities is owned by
one or more persons who are members of certain groups, including black
Americans, Hispanic Americans, women, Asian Pacific Americans, and American
Indians;
(B) a sole proprietorship
formed for the purpose of making a profit that is 100 percent owned,
operated, and controlled by a person described by Paragraph (A);
(C) a partnership formed
for the purpose of making a profit in which 51 percent of the assets and
interest in the partnership is owned by one or more persons described by
Paragraph (A). Those persons must have proportionate interest and
demonstrate active participation in the control, operation, and management
of the partnership's affairs; or
(D) a joint venture in
which each entity in the joint venture is a historically underutilized
business under this subdivision.
(2) "Small
business" means a corporation, partnership, sole proprietorship, or
other legal entity that:
(A) is domiciled in this
state;
(B) is formed to make a
profit;
(C) is independently
owned and operated; and
(D) employs fewer than
100 full-time employees.
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SECTION 2. Section
447.013(i), Government Code, is amended to read as follows:
(i) A recipient of a grant
or loan under this section is encouraged to purchase goods and services
from small businesses and historically underutilized businesses, as those
terms are defined by former Section 481.191, as that section
existed on January 1, 2015 [Government Code].
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SECTION 3. Section 489.105(b),
Government Code, is amended to read as follows:
(b) The fund consists of:
(1) appropriations for the
implementation and administration of this chapter;
(2) [investment earnings
under the capital access fund established under Section 481.402;
[(3) fees charged under
Subchapter BB, Chapter 481;
[(4)] interest earned
on the investment of money in the fund;
(3) [(5)] fees
charged under this chapter;
(4) [(6)]
investment earnings from the programs administered by the bank;
(5) [(7)]
amounts transferred under Section 2303.504(b), as amended by Article 2,
Chapter 1134, Acts of the 77th Legislature, Regular Session, 2001; and
(6) [(8)
investment earnings under the Texas product development fund under Section
489.211;
[(9) investment earnings
under the Texas small business incubator fund under Section 489.212; and
[(10)] any other
amounts received by the state under this chapter.
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No
equivalent provision.
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SECTION 4. Section 489.108,
Government Code, is amended to read as follows:
Sec. 489.108. PROGRAMS,
SERVICES, AND FUNDS UNDER BANK'S DIRECTION. Notwithstanding any other law,
the bank shall perform the duties and functions of the office with respect
to the following programs, services, and funds:
(1) [the Texas Small
Business Industrial Development Corporation established under Chapter 503,
Local Government Code;
[(2) the capital access program established under
Section 481.405;
[(3)] the Texas
leverage fund;
(2) [(4) the
linked deposit program established under Section 481.193;
[(5)] the enterprise
zone program established under Chapter 2303;
(3) [(6)] the
industrial revenue bond program;
(4) [(7)] the
defense economic readjustment zone program established under Chapter 2310;
(5) [(8)] the
Empowerment Zone and Enterprise Community grant program established under
Section 481.025; and
(6) [(9)] the
renewal community program.
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SECTION 3. Section 489.108,
Government Code, is amended to read as follows:
Sec. 489.108. PROGRAMS,
SERVICES, AND FUNDS UNDER BANK'S DIRECTION. Notwithstanding any other law,
the bank shall perform the duties and functions of the office with respect
to the following programs, services, and funds:
(1) [the Texas Small
Business Industrial Development Corporation established under Chapter 503,
Local Government Code;
[(2)] the capital access program established under
Section 481.405;
(2) [(3)] the
Texas leverage fund;
(3) [(4) the
linked deposit program established under Section 481.193;
[(5)] the enterprise
zone program established under Chapter 2303;
(4) [(6)] the
industrial revenue bond program;
(5) [(7)] the
defense economic readjustment zone program established under Chapter 2310;
(6) [(8)] the
Empowerment Zone and Enterprise Community grant program established under
Section 481.025; and
(7) [(9)] the
renewal community program.
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SECTION 5. Section
39.909(a), Utilities Code, is amended to read as follows:
(a) In this section:
(1) "Small [,
"small] business" means a corporation, partnership, sole
proprietorship, or other legal entity that:
(A) is domiciled in this
state;
(B) is formed to make a
profit;
(C) is independently
owned and operated; and
(D) employs fewer than
100 full-time employees.
(2) "Historically
[and "historically] underutilized business" means:
(A) a corporation formed
for the purpose of making a profit in which at least 51 percent of all
classes of the shares of stock or other equitable securities is owned by
one or more persons who are members of certain groups, including black
Americans, Hispanic Americans, women, Asian Pacific Americans, and American
Indians;
(B) a sole proprietorship
formed for the purpose of making a profit that is 100 percent owned,
operated, and controlled by a person described by Paragraph (A);
(C) a partnership formed
for the purpose of making a profit in which 51 percent of the assets and
interest in the partnership is owned by one or more persons described by
Paragraph (A). Those persons must have proportionate interest and
demonstrate active participation in the control, operation, and management
of the partnership's affairs; or
(D) a joint venture in
which each entity in the joint venture is a historically underutilized
business under this subdivision [have the meanings assigned by
Section 481.191, Government Code].
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SECTION 4. Section
39.909(a), Utilities Code, is amended to read as follows:
(a) In this section, "small
business" and "historically underutilized business" have the
meanings assigned by former Section 481.191, Government Code, as
that section existed on January 1, 2015.
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SECTION 6. Section
52.256(a), Utilities Code, is amended to read as follows:
(a) In this section:
(1) "Small [,
"small] business" means a corporation, partnership, sole
proprietorship, or other legal entity that:
(A) is domiciled in this
state;
(B) is formed to make a
profit;
(C) is independently
owned and operated; and
(D) employs fewer than
100 full-time employees.
(2) "Historically
[and "historically] underutilized business" means:
(A) a corporation formed
for the purpose of making a profit in which at least 51 percent of all
classes of the shares of stock or other equitable securities is owned by
one or more persons who are members of certain groups, including black
Americans, Hispanic Americans, women, Asian Pacific Americans, and American
Indians;
(B) a sole proprietorship
formed for the purpose of making a profit that is 100 percent owned,
operated, and controlled by a person described by Paragraph (A);
(C) a partnership formed
for the purpose of making a profit in which 51 percent of the assets and
interest in the partnership is owned by one or more persons described by
Paragraph (A). Those persons must have proportionate interest and
demonstrate active participation in the control, operation, and management
of the partnership's affairs; or
(D) a joint venture in
which each entity in the joint venture is a historically underutilized
business under this subdivision [have the meanings assigned by
Section 481.191, Government Code].
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SECTION 5. Section
52.256(a), Utilities Code, is amended to read as follows:
(a) In this section, "small
business" and "historically underutilized business" have the
meanings assigned by former Section 481.191, Government Code, as
that section existed on January 1, 2015.
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SECTION 7. (a) The Texas
Economic Development Bank shall reject any application for a linked deposit
loan submitted to the bank before the effective date of this Act for which
a linked deposit has not been made in accordance with Subchapter N, Chapter
481, Government Code, as that subchapter existed immediately before being
repealed by this Act.
(b) Notwithstanding the
repeal by this Act of Subchapter N, Chapter 481, Government Code,
Subchapter N is continued in effect for the limited purpose of allowing the
Texas Economic Development Bank to administer linked deposits made before
the effective date of this Act and to pursue the bank's remedies under that
subchapter if:
(1) a recipient of a loan to
which a deposit is linked defaults on the loan; or
(2) a lending institution
that makes a loan for which a linked deposit is made fails to comply with
that subchapter.
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SECTION 6. Same as introduced
version.
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SECTION 8. On the effective
date of this Act the Texas Economic Development Bank shall allocate any
unencumbered balance of the capital access fund to programs administered by
the bank under Section 489.108, Government Code, as amended by this Act.
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No
equivalent provision.
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SECTION 9. (a)
Notwithstanding the repeal by this Act of Subchapter D, Chapter 489,
Government Code, Subchapter D is continued in effect for the limited
purpose of allowing the Texas Economic Development Bank to:
(1) administer any
outstanding loans entered into under that subchapter before the effective
date of this Act; and
(2) satisfy any bond
obligations or pay any other obligations, contractual or otherwise,
incurred under that subchapter before the effective date of this Act.
(b) After all the
obligations described by Subsection (a)(2) of this section have been paid
or satisfied, the Texas Economic Development Bank shall allocate any
remaining balances of the Texas product development fund and the Texas
small business incubator fund to programs administered by the bank under
Section 489.108, Government Code, as amended by this Act.
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No
equivalent provision.
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SECTION 10. As soon as
practicable after the effective date of this Act, the Texas Economic
Development Bank shall send to the comptroller for deposit in the general
revenue fund any revenue or other money of the Texas Small Business
Industrial Development Corporation held in financial institutions as
provided by Section 503.055, Local Government Code, as that section existed
immediately before that section's repeal by this Act.
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SECTION 7. Same as introduced
version.
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SECTION 11. This Act takes
effect September 1, 2015.
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SECTION 8. Same as introduced
version.
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